1. (a)

   1. (1) The Arkansas Development Finance Authority has implemented the mandatory use of its web-based compliance and monitoring software.
   2. (2) Entering data online is utilized in place of the written status reports and is statutorily required by the authority pursuant to Treas. Reg. § 1.42-5, recordkeeping and record retention provisions.

2. (b)

   1. (1) Data pertaining to move-ins, transfers, move-outs, recertifications, etc., must be entered no later than the fifteenth day of the month following the event.
   2. (2) Failure to enter data will be reported to the Internal Revenue Service as noncompliance.

3. (c)

   1. (1) Online entry applies to:

      1. (A) All active projects;
      2. (B) Applicable foreclosed properties; and
      3. (C) Applicable projects that received a partial release of the terms of the LURA.
   2. (2) A separate procedures manual is available.
   3. (3) Training dates are listed on the authority’s website.

4. (d)

   1. (1) Additionally, the authority is developing a web-based housing locator.
   2. (2) By submitting an application for tax credits, all applicants agree to participate in, provide information for, and cooperate with the authority in the creation and maintenance of such web-based housing locator.

Codification Notes: "LIHTC" means low-income housing tax credit.